KITCHENER-WATERLOO, ON (August 2, 2018) ––July home sales through the Multiple Listing System (MLS® System) of the
Kitchener-Waterloo Association of REALTORS® (KWAR) were down 16.8 percent compared to last month and down 10.6
percent compared to July of last year. A total of 504 residential properties sold in July compared to 564 in the same
month last year.

On a year-to-date basis, there have been 3,601 home sales during the first half of the year, a decrease of 18.0 percent.

“The story for July is largely more of the same that we’ve been seeing for most of 2018,” says Tony Schmidt, KWAR
President. “The number of sales has decreased from what we were seeing the past couple of years to more typical levels,
but the value of homes not only remains steady but continues to gradually increase.”

Residential sales in July included 282 detached (down 23.4 percent compared to July 2017), and 130 condominium units
(up 14.0 per cent) which includes any property regardless of style (i.e. semis, townhomes, apartment, detached etc.).
Sales also included 53 semi-detached homes (up 35.9 percent) and 35 freehold townhouses (down 5.4 percent).

The average sale price of all residential properties sold in July increased 5.5 percent to $480,145 compared to the same
month a year ago. Detached homes sold for an average price of $584,337 – an increase of 12.4 percent compared to July
of last year. During this same period, the average sale price for an apartment style condominium was $292,714, an
increase of 4.3 percent. Townhomes and semis sold for an average of $359,278 (up 2.2 percent) and $387,664 (up 9.8
percent) respectively.

The median price of all residential properties sold last month was up 7.1 percent compared to July of last year at
$443,700, and the median price of a detached home during the same period increased 12.8 percent to $530,000.

REALTORS® listed 739 residential properties in K-W and area last month, down 8.9 percent compared to July of 2017. The
number of active residential listings on the KWAR’s MLS® System to the end of July totaled 1,062, which is 3.3 percent
higher than July of last year but still down from the historical (2007-2016) ten-year average of 1,885 listings for July.

“The competition from buyers is still out there, but not nearly as prevalent as the past two years. This is showing up in the
$400,000-$600,000 price point where we continue to see the shortest average days on market,” reports Schmidt. “I think
this reflects both the move-up market as well as the typical home that buyers who migrated down the 401 were

“There is no doubt the mortgage stress-test is impacting buyers and the market. Our concern has always questioned the
wisdom of introducing policy to respond to temporary market activity, so now the only question is whether this impact is
beneficial or not.”

“Either way, Buyers are wise to avail themselves of a REALTOR® to help them navigate local market conditions and ensure
the most successful outcome.”

The average days it took to sell a home in June was 23 days, the same as in June 2017.

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